SDRL · CIK 0001737706
What Seadrill Ltd. told the SEC could break it.
1 self-disclosed vulnerability, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for SDRL. More may follow as additional filings are processed.
In its own words
What could break it.
Geographic concentration
- Revenue concentrated in three countries — Brazil 43%, U.S. 26%, Angola 23% of 2025 revenuemedium
Seadrill's offshore-drilling revenue is heavily concentrated geographically: in 2025 Brazil, the United States and Angola accounted for roughly 43%, 26% and 23% of revenue respectively — about 92% from three jurisdictions, with Brazil alone at 43%. Because Brazil revenue is driven by a small set of large oil-major/national-oil-company contracts (its rigs West Auriga and West Polaris commenced Brazilian operations in 2025) and is subject to ANP regulation and local-content requirements, a downturn, contract loss, regulatory suspension, or capex cut by a key Brazilian counterparty would have an outsized effect. Inability to promptly redeploy rigs to other regions would compound the impact. This single-country/customer concentration is the dominant supply-shock-relevant exposure for the company.
“For the year ended December 31, 2025, operations in the Brazil, United States and Angola accounted for approximately 43%, 26% and 23%, respectively, of our revenues in the aggregate.”
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